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hese documents are necessary for the issuance of the bonds, along with documents <br />relating the award of Phase II construction contracts, will come before the Council for <br />approval in late July. Bonds are expected to be sold in August. <br />Fiscal Impact <br />The cost for each member of the financing team is as follows: <br />Stradling Yocca Carlson & Rauth, bond counsel $45,000 <br />William Euphrat Municipal Finance, financial advisor 45,000 <br />Jones Hall, disclosure counsel 20,000 <br />Stone & Youngberg, LLC, bond underwriter 70.000 <br />Total Costs $180,000 <br />The total costs for each of these services will be provided, as is the customary practice <br />in municipal bond issues, from the proceeds of the bond issue. <br />Alternative <br />The Council may reject staffs recommendation to engage these firms to provide the <br />professional services needed to successfully sell bonds for this project. Doing so, <br />however, will require staff to obtain proposals from other firms, as staff does not have <br />the expertise to perform these functions. Obtaining proposals from other firms will delay <br />the issuance of bonds which will very likely jeopardize the City's need to award the <br />construction project by September 1, which would cause us to forfeit the grants <br />provided by the State of California. <br />Brian J. Ponty Ed Everett <br />Director of Finance and Financial Planning City Manager <br />Attachment <br />Responsibilities of the Members of the Financing Team <br />